Ford has not been very successful in the electric car market. Now the company is scrapping several investments in electric cars and thus taking a write-down in the accounts for the fourth quarter of 19.5 billion dollars or 180 billion kronor.
Ford's electric car venture has long struggled with profitability problems. Last year, the electric car division made a loss of $5.1 billion. Now that US President Donald Trump has completely abolished subsidies for electric cars, that uphill climb has been further strengthened.
"It wouldn't make sense to plow billions into products that we knew we wouldn't make any money on. We had to make this choice," says Ford CEO Jim Farley.
